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No restriction on withdrawal by customers, clarifies PNB

February 24, 2018

Public sector lender Punjab National Bank (PNB) has clarified that are restrictions on the withdrawals by the customers. There are reports in social media/other platforms that the withdrawal limit for a customer from the bank has been capped at Rs 3,000.

In a statement, the PNB said that it is absolutely incorrect, no such limit has been fixed by the Bank and normal banking activities are going on as usual. There are reports in the media that RBI/Government has asked the bank to make payment of the fraudulent amount to other banks. The report is totally incorrect and the Bank confirms not having received any such instructions.

It further clarified that the media reports that Virat Kohli, the bank’s brand ambassador is going to discontinue his endorsement with Punjab National Bank, is also untrue. The same is again totally false and incorrect. Virat Kohli is our brand ambassador.

The Bank in its statement said that the media reports that the bank has engaged PricewaterhouseCoopers (PwC) to conduct an investigation into the alleged fraud and gather evidence that can be used against Nirav Modi and his associates in court, is also incorrect.

It is reiterated that the Bank has the capacity and capability to handle the situation and protect the interest of the Institution, customers and stakeholders. The Bank has already initiated prompt steps for protecting the financial interest of all the lenders/stakeholders, including issuance of advisory to lenders involved and to act swiftly to recover the dues.

It added that Punjab National Bank is committed to honoring all bonafide commitments. In pursuant of clean and responsible banking agenda of the Government, the bank has taken proactive steps to bring the culprits to the books and has initiated strong action against the entities and the staff involved.